Identity thieves are targeting your client’s kids

The second your client’s kids get a SIN, they’re vulnerable to identity theft.

And thieves want the personal information of children because they don’t have credit records. By acquiring a child’s SIN, a scammer can create a completely new identity and successfully apply for loans and credit cards.

Read: Canadians fighting ID fraud, says survey

The Chartered Professional Accountants of Canada advises parents to always keep their child’s SIN under lock and key and never store it on a computer. Children also should not reveal potentially sensitive personal information, such as their home addresses and birthdates, on social media.

“Child identity theft is particularly dangerous because it can take 10 to 15 years to discover the crime,” explains Kelley Keehn, a personal finance author. “By this time, the scammer’s trail is cold and the damage to the victim’s credit record can be devastating.”

Here are some articles to help protect your clients and their children.

Protect clients’ digital estates

Educate clients about fraud

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.